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30 Cards in this Set

  • Front
  • Back
Property is either...
personal property or real property
Personal property is
movable fby law
Other names for personal property are
chose or chattel
Examples of personal property are
cloth, jewelry, automobiles, furniture, stocks, money, contracts, mortgages, and trade fixtures
When property is sold, one uses a ... to transfer title.
bill of sale
When real property is sold, the title is transferred by the delivery of a...
Define real property...
immovable by law; rights, interests, and benefits (a bundle of rights) which are automatically in the ownership of the land or real estate the owner owns
Views property ownership rights as a large bundle of sticks
bundle of rights theory
Rights included in the bundle of rights theory
right to possess; right to use; right to enjoy; right to encumber; right to dispose, right to exclude
Define real estate
land at, above, and below the earth's surface, plus all things permanetnly attached to it such as buildings, trees, whether natural or artificial.
The difference between real estate and land
land = natural components of the land
real estate = land plus man-made improvements
Define real estate
Land, Anything affixed to the land, Anything that is appurtenant (runs with) the land and which is immovable by law.
Define land
material of the earth including surface rights, air rights, and subsurface rights
growing crops which are considered personal property
Until when are industrial crops considered real property?
Until they are severed, mortgaged, or sold
What are fixtures?
Things that were originally personal property, but have been attached and have become part of the real property
What acronym describes 5 tests to determine if an item is a fixture or not
Describe MARIA
M- Method of attachment
A- Adaptability
R- Relatonship between parties
I-Intention of the person who attached it
A-Agreements establish who has the right to the fixture
Define trade fixtures
personal property used in the normal course of business
What are the components of real estate?
Anything affixed or attached
Appurtenant or incidental to land
What are easements
right to use other's land; usually the right to cross a person's land
What is a mutual water company
non-profit company organized by or for water users in a specific district to develop and furnish water to its stockholders at reasonable rates.
What is appurtenance?
something that is outside the property, but considered a part of the property, by right, is used by the land for its benefit. ex: easements, and stock in mutual water company
Give an example of the change of status of property from personal to real...
Kitchen cabinets before being attached to a wall are personal property; afterward they are real property.
Characteristics of land
what is an estate?
an interest in property
what does an estate in land define?
degree, quantity, nature, and extent of an owner's interest in real property
Are all interests in real estate considered estates? Why?
No. To be an estate in land, an interest must allow possession and must be measurable by duration. ex: easements are not estates
Estates are classified by
2 classifications of estates
freehold estates & less-than-freehold estates